WELLINGTON.

Lyttelton Times, Volume I, Issue 18, 10 May 1851, Page 6

WELLINGTON.

Witliin the last few days great preparations Lave been making at Petoni for a native entertainment on rather an extensive scale, to be given by Epuni and the natives of his tribe to Baugiheata and his followers. A sort of scaffolding had been erected nearly thirty feet in length, and as many feet high, from -which depended strings of dried muscles nearly reaching to the ground, while underneath there were piled large quantities of baskets of kumeras and potatoes, on which were laid the carcases of several large pigs that had been slaughtered for the occasion. Monday was the day appointed for the feast, but it appears that from some subsequent arrangement the feast has been postponed, and will, it is said, ultimately take place at Porirua.—lV. Z. Spectator, April 2o«

The barque "Cresswell" arrived on Tuesdays from London, via Auckland and Taranaki. She left Auckland last Saturday week and has discharged cargo at New Plymouth. The "Cresswell" is a splendid new Vessel, the property of Messrs Willis and Co., of London. She has brought a large number of passengers for the Southern Settlements.— Wellington Independent, April 23.

His Excellency the Lieutenant-Governor and Mrs Eyre gave a Soiree dansante, ou Thursday last, at Government House, which was most numerously attended, and went off with great eclat. The excellent band of the 65th was in attendance, and dancing was kept up with great spirit till 3 o'clock in the morning. His Excellency and Mrs. Eyre have certainly done their utmost to make their frequent re-unions as agreeable as possible, and the feeling of regret so generally expressed at their intended removal from Government House, proves how fully they have succeeded.— lb., April 26.

The following gentlemen have taken out Auctioneer's Licenses for the ensuing twelve months, viz., Messrs. William Allen, Kenneth Bethune, John Johnston, James Smith, and Robert Waitt.— lb.

The eleventh Anniversary of the Establishment of the Press in New Zealand, was celebrated by a dinner, at Barret's Hotel, on Thursday evening last. Twenty persons sat down to partake of a sumptuous entertainment provided for the occasion by mine Host Roe, himself a member of the profession. James Smith, Esq., occupied the chair, and Mr. E. Roe, Sen., the vice chair. After the cloth was removed, the usual loyal and constitutional toasts were given, and responded to in a most hearty and cordial manner. Mr. Revan's name was coupled with the toasts of the evening, that gentleman being the first who introduced a newspaper press into New Zealand. "The Liberty of the Press," the " health of Dr. Featherstone," and. other toasts were given and responded to with great enthusiasm. Some excellent vocal and instrumental music enlivened the evening's entertainment,, which passed off in a most agreeable manner. The dinner consisted of c cry delicacy of the season; the wines were excellent, and the whole of Mr. Roe's arrangements were of a most complete and satisfactory nature. — Ib.

Anniversary, of the Wissleyan Sunday Schools in Wellington.—On Sunday and Monday, the 20th and. 21st, the annual services

and observances were attended to, and passed off with their usual spirit. On Sunday sermons were preached, and collections made in aid of the Schools. One of the Wesleyan Ministers preached in the morning-; the Rev. Mr. Kirton, of the Established Church of Scotland, in the evening. On the afternoon of that day Mr. Watkiu addressed die parents and the children, examined the latter as to their knowledge of scripture facts and doctrines, and the answers elicited showed that they had a very fair knowledge of such subjects. Prizes were given to the deserving. On Monday afternoon the children and their teachers walked in procession, after which the children had their usual treat; tea, and its accompaniments, cake and buns, of which there was enough and to spare. The teachers and friends took tea together afterwards, and the whole concluded with a public meeting, and thus ended a very happy anniversary. The schools have more than one hundred and fifty children on their books ; superintendents and teachers number nearly twenty. Ib.

It is imperative upon us to notice the proposed formation of a new Joint Stock BankingCompany at Wellington. We cannot do this better than by giving the prospectus, as we find it in the Wellington Independent of sth April. " Proposals for establishing a Bank in Wellington, to be called ' The Union Bank of New Zealand.' " Capital to be raised by subscription. 2,000 shares of £10. each=£'2o,ooo. 50 per cent, of each to be paid up=£]o,ooo. " The general principles upon which the Bank will be conducted are those of a bank of deposit, discount, and exchange, issuing no paper of its own, but based upon the subscribed capital, and using the currency now legally established in the colony. "Local Bills will be discounted at the rate of 8 per cent, per annum. " Tioo per Cent, interest will be allowed upon all Deposit Accounts £100. and upwards re mainingin the Bank for a period of not less than six months. " Bills to be granted upon London and the other colonies, and also purchased, with or without security of bills of lading, at rates corresponding with the demand from time to time. " Bills exceeding three months will be charged a discount of £10. per cent. " Two-thirds of the profits will be divided annually among the proprietors, the remaining one-third will be reserved as •annual rest. " His Excellency the Governor-in-Chief has promised to introduce an Ordinance at the next sitting of the General Council, to enable the new bank to commence operations ; one of the main provisions of which will be, that the liability of feach shareholder or proprietor will be restricted to twice the amount of his subscribed capital; the Company will be incorporated, but required to pay up the remaining£lo,ooo. of its capital within a period of four years. " Quarterly Accounts of the affairs of the Bank will be published for the information of the Government and the public. " As soon as the capital is subscribed, a meeting of the proprietors will be held, to frame regulations for conducting the Bank, and elect Directors, Manager, &c. " Proprietors of one share to have one vote; five shares two votes, ten shares three votes, twentyjshares four votes, thirty shares five votes, but no proprietor to be entitled to a larger number of votes than five, whatever number of shares he may hold. "A notice will be given of at least four months from the time of the passing of the Act of Incorporation, before any deposits will be called for." It is stated in the same journal of the 19th April, that upwards of £10,000. of the capital is already pledged and subscribed, although the Share List does not yet contain any subscriber for a less number of shares than ten. The greater" part of the remaining capital, it is anticipated, will be subscribed by the industrious and operative portion of the community, of which, it is said, there is scarcely a single "sober working man whose name is not good for one share at least. The best feature of the scheme will be seen to be the restrictive clause, that the shareholders are not to be responsible individually for more than twice the amount of their subscribed shares, thus preventing the possibility, in the event of

the Bank's failure, of any one shareholder hecoming amerced to the full amount of the general liabilities, or of his own property. The benefits of such an establishment, supported by the settlers themselves, and yielding its beneficial fruits to no other hands but theirs are sufficiently obvious, and need no exposition here. In the present state of our own colony however, we may deem ourselves especially fortunate to have obtained the establishment among- us of a branch of the Union Bank of Australia, which, while it possesses, compared with the proposed Wellington Bank, many disadvantages, yet secures to us many benefits for which we must otherwise, perhaps, have waited many years. The objectionable features in the Union Bank which have induced the Wellington settlers to establish a local Banking Company of their own, that is, the monopoly at present enjoyed, and the high price of discount charged,cannot be urged at Canterbury. The enjoyment of a bank at the commencement of a new colony is a luxury which must be paid for; and we do not think the charges of the Union Bank at all unreasonable for the risk which they run and the expencesthey incur by the establishment of a new branch in such a settlement as our own.

The Barque " Maria/ 470 tons, J. W. Plank, commander, was advertised to sail for Port Cooper in a few days from May the 3rd. We understand that she brings a number of sheen for — Clifford, Esq. F The anniversary of the Wellington Athenseum was celebrated on Friday evening-, May 2nd, by a general re-union of its members and supporters. NELSON. The survey line now being- cut between Nelson and the Wairau preparatory to making the proposed road, is threatened with obstruction by the natives living in the Pelorus.. A few days will show us whether or not they are in earnest.— Nelson Examine?: